- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Business & farm
Since the sale is outside the country, presumably by non-U.S. people/companies, etc., they probably don't have any filing requirement with the IRS. If you didn't receive a Form 1099, they they probably didn't have to file.
Forms 1099 are issued for basically 2 primary reasons. 1 is for the recipients to not forget to report the income. The 2nd reason (copy to IRS) is to allow the IRS to match the filed F1099s with people's tax returns to make sure the income is reported.
You don't have to file anything with IRS regarding this sale other than properly reporting the sale on your Form 1040. That would mean showing gross sale, basis in asset sold, cost of sale (commissions etc.) on the proper form(s).
You mention foreign bank account, you'll need to answer yes to the question regarding signature over a foreign bank account on your return.
As you mentioned, there is also other forms that need to be filed with FinCen if balances exceed certain limits. FBAR comes to mind. Here is the link to FinCen for more information.
https://www.fincen.gov/index.php/resources/filing-information